Question

Explain the difference between imports and exports.

Question 12 options:

Exports are the goods and services a nation produces and sells to other nations; imports are the goods and services a nation buys from other nations


Imports are the goods and services a nation produces and sells to other nations; exports are the goods and services a nation buys from other nations.


Imports are the goods and services a nation produces and sells to other nations; exports are the country's ability to produce more of a given product than can another country.

Answer 1

Exports are the goods and services a nation produces and sells to other nations: imports are the goods and other services a nations buys from other nations.

Step-by-step explanation:

All goods or services produced within the borders of a country are local products. If the local producer sells the products outside the boundaries of that country, those are exports.

If residents of a country buy goods or services made in other countries, those products are imports. Imports may be for consumption or materials to produce other goods.